Will Marks Value Quotations

Based on these announcements, we do not believe that Vail is on the selling block. However, we are confident that Mr. Katz, with his deep knowledge of Vail and extensive private equity real estate background, will actively work to maximize shareholder value through balance sheet management, cost cutting (cheaper Denver office space for one), and through the continued monetization of the company's valuable real estate assets.

We see Vail shares as a value opportunity in light of a solid outlook for the 2005/2006 ski season and real-estate sales that should break records in terms of price per square foot.